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After watching the relentless fall of the Indian rupee for 18 months with saintly restraint, Finance Minister P Chidambaram declared on August 12 that he would cut the Current Account Deficit (CAD) — the excess outgo over receipts of foreign exchange — and stabilise the rupee. In January 2012, Indians could buy one US dollar by paying Rs 45. But, by August 12, they needed to pay more, Rs 61 for a dollar, the dollar rising by over 35 percent since January 2012, mirroring an equal fall in the rupee value.
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Links:
[1] https://www.vifindia.org/article/2024/october/14/A-Decade-of-Economic-Destruction
[2] https://www.vifindia.org/author/shri-s-gurumurthy
[3] https://www.vifindia.org/sites/default/files/A-Decade-of-Economic-Destruction.pdf
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